If you’re not rich you are probably well aware that the economy is past slow. With an uncertain future ahead you need to save more now than ever. The realistic news is the business you currently work for may not be around in six months. So what do you do?
Go into survival mode. Worst case scenario the economy won’t affect you and you have extra money saved. Having extra money doesn’t sound too bad to me. The bad news is you may want to save that money you were going to use for that third car or the money for the wide screen television for a game room.
1. Cut your electric bill – Turn off fans, lights, and any power source that you aren’t using. Turn off your water heater for the day if you are going to use it.
2. See if you can trim money off your phone bill. Have cell phones? Look at your bill to see if you can get a lower rate. Can you save money on your phone bill? Most of the home plans are all inclusive to keep up with the cell phone’s plans. Maybe you don’t need both phones.
3. Cable – Can you cut your cable bill? What do you really watch and how often. Maybe you don’t need all the boxes you have. Would satellite be cheaper?
4. Internet – Can you use less 3G and mobile data? Can you combine packages and get one bill for less money? Is changing your usage a good idea?
5. Save on water and electric by doing less laundry, or do all the laundry in one day and leave your water heater off. Make sure your dishwasher is fully loaded or wash the dishes by hand.
6. Use less gas in your vehicle. Combine trips out. Get enough groceries to last for a week or two. Slow your vehicle down. Shut your vehicle off instead of letting it idle for long periods of time. Go the shortest distance to a destination. Carpool when you can.
7. Groceries – Instead of buying brand name groceries get the no name, inexpensive brand. Try buying in bulk. Bulk is usually cheaper. Get groceries that you can make multiple meals out of. Use items that are easy to store leftovers or you can store the unused portion easily. Think of inexpensive meals. Now is a great time to experiment with menus and meals.
8. Unessentials – If you don’t need it don’t buy it. Save it for a rainy day.
In a Nutshell
The moment you figure out your money spending habit, you may start to identify on the areas that you can cut down your spending. It is a good practice for you to fix a sum which is practical for you to spend on that and stick to that limit. You will need to come out with a spending plan in order for you to stay with your budget. Once you have the spending plan is created, you need to stick to the plan by restricted yourself to spend only the sums which you laid out in your spending plan. At first, it may be a difficult task for you but once you patiently and being persistant in practicing the plan, not long later you will get used to it and this is going to be an extremely effective way to control you spending and you will start build up your frugal spending habit.
The magic of this financial concept has some math behind it, but even just knowing… Read More … By NerdWallet on April 22, 2015 | Posted in: Financial Advice.
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